Bitcoin Active Addresses Regains Steam, Is A New All-Time High For BTC On The Horizon?

Bitcoin might be having trouble initiating a major rally soon, however, investors' interest in the flagship digital asset appears to be growing

Bitcoin may be struggling to initiate a major rally, but investors are showing renewed interest in the flagship digital asset. As the dust settles on a lengthy downtrend, evidenced by active Bitcoin addresses, which lasted for about 11 months, we can observe a promising development.

The chief crypto analyst at Real Vision, Jamie Coutts, shared the development on the X (formerly Twitter) platform on Tuesday. This resurgence follows a prolonged downtrend in active BTC addresses, signaling a possible shift in the market dynamics.

"This indicator is still one of the most important base-level on-chain metrics, despite a drop in forecasting power over the last four years (large ETF flows, increasing Layer 2 usage / Lightening for payments, NFTs / Ordinals changing on-chain behavior, etc)."

Coutts also shared his anticipation about a 2x to 5x rise in the value of Bitcoin in the upcoming months, which will mark its all-time high for the ongoing cycle. While Coutts anticipates BTC to hit a new all-time high, he underlined that a corresponding breakout in active base chain addresses would surely confirm the valuation of the network.

This is due to the fact that Bitcoin is a global monetary network, and its future is majorly dependent on its capability to exhibit organic network expansion and adoption across all metrics. Overall, the end of this lengthy decline in active addresses may represent a turning point for BTC as it gathers traction while providing investors with optimism in light of market turbulence.

Is A New All-Time High For BTC On The Horizon?

As Bitcoin consolidates in the market, several crypto analysts are optimistic about the crypto asset hitting a new peak soon. One market expert, Crypto Bullet, has highlighted Bitcoin’s potential to reach a new all-time high in the short term, triggering excitement within the community.

The expert made this bold prediction based on the BTC Puell Multiple Indicator, which has reached the Green zone, suggesting the end of bear markets. As a result, Crypto Bullet believes that the next or final leg up for Bitcoin, possibly to a new peak, has begun.

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